Date: September 19, 2002
Source: News Room
Waste services company Allied Waste Industries Inc. (NYSE: AW) Friday canceled a $250 million sale of 10-year senior notes due to volatile market conditions. "We and our advisors believed an opportunity to access the high yield markets at favorable rates was available," said Tom Ryan, Chief Financial Officer of Allied, in a statement. "The volatility in the market since we announced our intent on September 17 has resulted in an indicated coupon which we feel can be improved upon in a more stable market environment." The senior notes were marketed for a yield around 9%, but investors sought more yield as market conditions deteriorated from the middle of last week.
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